75,000 depositors seek Tk 3,925cr from Sammilito Islami Bank
Withdrawal rush comes as merged lender prepares to start repayments; Bangladesh Bank provides Tk 5,000cr liquidity support
DHAKA, Bangladesh — About 75,000 depositors of Sammilito Islami Bank have sought to withdraw Tk 3,925 crore in just four days, underscoring the scale of the pressure facing the newly formed lender as it moves to restore confidence among customers.
The bank is set to begin disbursing the funds Monday after Bangladesh Bank provided Tk 5,000 crore in liquidity support to meet withdrawal demands, bank officials said.
Sammilito Islami Bank was formed last year through the merger of five troubled Islamic banks: First Security Islami Bank, Global Islami Bank, Social Islami Bank, Union Bank and EXIM Bank.
The bank began accepting withdrawal applications Sept. 1 following a Bangladesh Bank announcement that individual depositors could withdraw the principal amount of their deposits according to their needs.
Applications continued through Sunday, with customers required to submit requests at their respective branches or sub-branches.
Bank officials said applications would be verified before payments are made.
The central bank has been providing liquidity support to Sammilito Islami Bank to help it meet depositors’ withdrawal demands and resume normal banking operations.
The move is part of a broader effort to rebuild confidence in the five banks, which had suffered severe liquidity and governance problems before being merged.
Bangladesh Bank has said depositors will receive their full deposits under a phased repayment plan. On Aug. 25, it ruled out any “haircut” — a reduction in the amount owed to depositors — and said there would be no loss of principal.
The Tk 5,000 crore liquidity injection is intended to help the bank begin meeting the immediate wave of withdrawal requests as it works to stabilize operations.
